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Interplay has secured $20 million in much needed development cash in a transaction that could lead to an increase in Titus' involvement with the company. Interplay will r...
Interplay has secured $20 million in much needed development cash in a transaction that could lead to an increase in Titus' involvement with the company. Interplay will receive the cash infusion in exchange for nearly 720,000 shares of preferred stock. The preferred shares can be purchased back from Titus at any time for the purchase price plus accrued dividends of six percent annually. Titus, for its part, can convert each preferred share into ten common shares any time after May 2001. Titus also receives warrants for an additional 400,000 shares for future purchase. In addition, Interplay extended its $25 million working capital line of credit with its bank through April 2001 when Titus extended a corporate guarantee to Interplay's lender.

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